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KMBZ>Audio & Video on Demand>>Life As You Own It 3.29.14 Segment 3

Life As You Own It 3.29.14 Segment 3

Mar 29, 2014|

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    video games found at 3:47

    bit but I just don't care much for. Somebody will ask a video games in Pasco are real. Yeah yeah you know like put your life online. But now I'm not in the orcas and if
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    buy houses found at 11:43

    I know that there's those of you sit there going off. I've buy houses and move every couple years and I an ideal miles were really do you about a 1002007. Moved in 2009 amid a ton of money that you're running short list and maybe you know there are people out there though that do you buy houses that need to be fixed happening but the worship ourselves and no we're not talking about you out there who are contractors
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    housing market found at 2:13, 3:41

    volume of sales. All things that speak to a fear real robust housing . Market . Nineteen questions on Houston Los Angeles it's a favorite per household growth in volume of home sales you know Los Angeles itself.
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    investment property found at 4:05

    in title on the home and then either refinance the promise that investment property that you're gonna rent out or if you decided for sure gonna move into it get that done. No they're not gonna foreclose on the house if you're maintain in the payments. They probably don't even know that your mother has passed away. However it's not something carry on forever so get traction plan together and take action and get it done. But I just keep making those payments make you don't miss any payments couple things also here please please please you must consult with a with an attorney regarding. That how you conveyed this real estate and to be very aware of the tax implications he wanna talk to CPA also because. You are likely to have tax
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Automatically Generated Transcript (may not be 100% accurate)

All right friends we are back sweet child oh hours. We are going to wrap up. The -- that you don't show right -- But the couple more tax saving tips for you perhaps -- landmark. The animal McDougal his middle initial is K so that's the entry access rights. Animal yes and threats make sure that they're okay folks. -- we've got to got a couple more for -- number seven is right up your state and local sales tax. Yeah itemize your taxes is so -- which -- between writing after state local six income taxes or the sum total of the state and local sales taxes that you paid. In 2013. Doctors CPA to decide it. Which of these two options will give you a larger. Deduction. And number eight is the -- deduct the cost of moving to your new job if you took if you accept a new job in 2013. Congratulations. If like many Americans you might. Have needed to move more than fifty miles from your previous home and order except this new position that means the cost of moving. May be tax deductible if you drove your car for example to your new town or city you can deduct. 24 cents per mile plus parking and tolls if you flew you conduct the cost of airfare and lodging. While traveling from your former home -- one. Two other items of good news. This tax deduction is available to people who claim the standard deduction who don't itemize and it's also available to self employed individuals. Who moved to a new location to run there business and Brent one other thing that I'll mention is that it kind of reminds me of that your movement more than fifty miles is also. Most of you -- know that if you own -- home and you have a gain if you're single file single. Up to 250000. Dollars. In gain on that investments that means you bought it for 250. And you made no improvements to it and sold it for up to 500000. Dollars doesn't matter we -- on when you sell it. But you up to 500000 dollars you would pay no taxes on net gain if you're married. You could sell a sucker for up to 750000. Dollars and -- pay no taxes on the gain. Just some people get a little caught up when they're moving it from more than fifty miles for a job. -- circumstance and they think. I can't. I'm gonna wait to market my house because I won't get the full I won't I'll be taxed. -- I'll have to pay capital gains one to determine the amount to understand that it's pro rated this little piece of mortgage planner should know so fewer their. Twelve of the 24 months that means if you had a gain of 125000. Filing single or 250000. Following joint. You're good to go. Hopefully that makes sense but the bottom line is speak with a certified mortgage -- because they can educate you and you just like I don't world record on ignoring the should he stay -- should -- -- -- not so how can I stop that from -- -- -- -- -- amazing speech mother of the music was just you know it's sheer thrill kill. Eat your heart out baby okay that's right our role -- will be -- in Chicago Illinois emailed the following question. Hey guys great show. You can answer this -- all right here's my situation -- owner older home that is worth about 250000 and I only go about 40000. I was approached by a person looking for home like mine and they made an offer of 250000 dollars. I don't want him to -- your home anyway because I feel like they're rebuilding this place bit by bit all the time. Should itself at all my equity down on a new home for the lowest payments for keep a lot of the money put on a smaller down payments. -- by home in the 300 period of 50000 dollar range mark. All right stay here again go sell -- home and death. Second part is. Put a modest amount down in a payment you can afford and still have that cash reserve cushion. Working harder if you ideally in the market. That's right I agree 100% yes I do like you get one right likely mean -- you know ideals aren't folks -- -- then another fantastic insolvent at least we think. Of life as you alone if you check and is out for the first time we hope you enjoyed the show we encourage you wherever you are you can check us out. The podcast you can go to iTunes. You can really check us out -- I heart radio you can go to YouTube and you can also go to our newest. Affiliate. Radio tune in radio. So we got you covered and we hope that you tune in next weekend. Why did you -- remember to speak that -- it.

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